Release date: 28 May 2015
BP and The Kansai Electric Co., Inc. (Kansai Electric) today entered into a sales and purchase agreement for liquefied natural gas (LNG), and a cooperation agreement for the purpose of exploring opportunities for business collaboration.
Under the agreements, BP will provide Kansai Electric with up to 13 million tonnes of LNG over 23 years, from BP’s diverse portfolio of LNG sources. In addition, the agreements provide for Kansai Electric and BP to explore areas of cooperation across a wide range of LNG business activities such as LNG trading, and optimization of LNG ship operations.
Paul Reed, Chief Executive of BP Integrated Supply and Trading, said: “BP highly appreciates the long-term relationship with Kansai Electric that has resulted in the conclusion of these new LNG sales and co-operation agreements. Building on a separate LNG sale and purchase agreement signed in 2013, this new LNG deal entails additional supply from BP’s portfolio. We are very pleased that Kansai Electric and BP have agreed this expanded LNG business and we look forward to working together to explore areas of further cooperation.”
BP Press Office, London, +44 (0)207 496 4076, firstname.lastname@example.org
This press release contains certain forward-looking statements concerning BP’s expectations regarding the Sales & Purchase Agreement and Cooperation Agreement signed between BP and Kansai Electric Power Company for the supply of LNG, including expectations regarding future sales opportunities and the timing of the production for the project. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the receipt of relevant third-party and or regulatory approvals; future levels of industry product supply; demand and pricing; economic and financial conditions generally or in various countries and regions; the timing and nature of maintenance outages; operational problems; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions; exchange rate fluctuations; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2014 as filed with the US Securities and Exchange Commission.